The invention discloses an oil submerged pump cable capable of suspension installation, and a manufacturing method thereof. The oil submerged pump cable comprises multiple lead wires, fillers, a sheath layer and an armored layer. Each lead wire is composed of a conductor disposed at a central portion, an insulation layer wrapping the conductor and an oil-resistant cushion layer wrapping the insulation layer, the multiple lead wires are twisted together and are filled with the fillers, the fillers wrap the multiple lead wires to form a filling layer, the sheath layer wraps the filling layer, and the armored layer wraps the sheath layer. The armor provided by the invention is formed by anti-phase winding by use of a high-strength galvanized steel wire and a high-carbon steel wire, and single-layer steel wire armoring can also be carried out by use of the high-carbon steel wire; and the oil submerged pump cable can be installed in a suspended mode in an oil and gas well, goes down to and out of the well with coiled tubing at the same time, reduces damage to the cable in the oil and gas well and shortens the pump examination operation time of an oil submerged pump.